UniCredit to cut costs, restructure after capital raising

SimonKennedy

LONDON (MarketWatch) -- Italy's UniCredit
ut:ucg
said Monday it will look for further cost cutting opportunities and will revamp its operations after announcing a 6.6 billion euros ($9 billion) capital raising plan over the weekend. In a presentation on the bank's Web site, CEO Alessandro Profumo said UniCredit will take stronger action over central costs, restructure its investment banking unit and put new branch opening in Central and Eastern Europe on hold. The measures mean costs in Western Europe should remain flat in 2008 and decline in 2009, the presentation said.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information.
All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only.
Intraday data delayed at least 15 minutes or per exchange requirements.